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crashing down if we do in fact go over the fiscal cliff? up next i ask an expert. he has good news for us on gas prices to look forward to ahead. david: tom kloza is one of the smartest guys in the i will listen of the plus your tax dollars could be used to buy up more risky loans. is this another boondoggle you will end up paying for? liz macdonald has been tracking it. she has the details you don't want to miss. it will make you mad but you want to hear it coming up. david: here's your fox business brief. it was another down day for the markets as retailers took a post-holiday hit. with only five days left before the fiscal cliff washington is preparing for another round of wheeling and dealing tomorrow. at the closing bell the dow finished 24 points lower to 13,114. >>> treasury secretary tim geithner warning we will reach the debt ceiling by december 31st but geithner did say $200 billion worth of kind of wiggle room could be found, quote from extraordinary measures that would normally buy them two extra months. >>> toyota agreed to pay a billion doll to settle a class-action lawsuit
will wrap up the fiscal cliff talks next week. >> time now to entertain this. it is official jessica simpson expecting another baby. the 32-year-old celebrity tweet add photo of her daughter sitting in front of a sign drawn in the sandwich says big sis. cute little girl isn't she? the announcement comes 7 months after giving birth to that little girl her first child. it has been a good year for hollywood 2012 marched through the industry's highest year on record for 1 billion in ticket sales. is rock and roll hazardous to your health? it might be. you to those playing it. researches in inge lantd studying more than 1500 musicians famous between 1956 and 2006. they found 137 of nthem or 9.2 percent of them were dead. that is a higher mortality rate than those in the general population. >> time to look at the sports stories new season but same results. lebr lebron james and the heat. suddenly the lashgs can't lose. 194 for the fourth straight win. they are back for 500 for the season. kobe bryant a record for the 16th christmas day game. heartwarming video of an alabama christmas fan getting a
in the next few hours to try to scrape out a fiscal cliff deal but hope is fading fast. if that weren't bad enough, the treasury now says the u.s. will hit the debt ceiling on new year's eve. will this be a game-changer for reaching a deal? >>> plus as if the fiscal cliff wasn't bad enough, now critical ports across the u.s. could be brought to a standstill starting this weekend. we'll explain how a looming union worker strike could sink businesses across the united states. >>> the major sports leagues do a touchdown dance after a federal judge's ruling. their lawsuit to spike sports gambling in new jersey get as crucial green light but new jersey isn't taking it sitting down. details how that state is fighting back and preparing to give vegas a run for its money. even when they say it's not, it's always about money adam: thank you for joining us. we want to look first at the day's market headlines. stocks slid for the 30 straight session. mediocre holiday seas and deadlock over fiscal cliff gave investors little to get excited about. the dow fell 24 points. the so-called fear index or the
the looming fiscal cliff within the next six days. it's a matter that's been made all the more difficult with news today that speaker boehner's house will not be back to work on thursday. we've got kristen welker joining us from beautiful honolulu. that's a lovely spot there. >> it is. hey, karen. >> hey. wel get to the fiscal cliff in just a moment. we understand that you've just gotten word that the president is actually getting updates on the condition of former president rw bush. what can you tell us about that sfl. >> that's right. according to a senior official, president obama has been kept up to date on the condition of former president bush. he is recovering. he spent christmas in the hospital. doctors kept him there after concern that his fever was increasing. now, the senior administration officials won't confirm who's updating president obama. karen, it's not unusual for a sitting president to be kept in the loop when this type of situation arouss. when a former president is ill. so we are being told he has been kept in the loop. and of course the entire white house watching
the fiscal cliff, consumers think next year we'll see higher taxes and lower entitlements. the only place in our space where we see a very significant fiscal cliff hit is aspirational customer, so the step-up customer into low-end tiffany's jewelry, for example, we just don't think they showed up this year. >> even if people, stacy, are going to be hit by higher taxes next year, at least some people are going to be hit by higher taxes next year, a lot of this is psychological, isn't it. you turn on the tv and you're feeling spooked, right? and once we have a deal or resolution, uncertainty taken away, will people unleash their spending? will this be unlocked? >> i think at the high end, yes, there will be some relief, and, you know, to laura's point, we were in tiffany over the weekend, you would be shocked how much sales help was available on the silver floor. typically you can't get near a sales person there. >> right. >> but a lot of it is psychological, but then again, christmas has come and gone and the full-margin products have come and gone. you fix the fiscal cliff and go into cle
cliff. with just six days until the deadline, some lawmakers say it might be too late. and that's next. so, this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. from the president cutting his holiday vacation in hawaii short to get back to work on avoiding the fiscal cliff. the white house says the president is set to return to the nation's capital tomorrow morning to try to hammer out a deal where lawmakers on stopping automatic tax hikes and deep spending cuts from kicking in, which is set to happen, if you're not watching the calendar, six days from now. if they don't reach a deal many say it could send the country right back into recession. ed henry is live in honolulu, hawaii. is this a sign the president sees progress in the talks?
of months. it proves even if we get through the fiscal cliff situation we are headed for a major showdown next year. >> doug: ed henry traveling with the president in honolulu. what happens if we go over the fiscal cliff? molly henneberg explains it means more money of the of your wallet. >> taxes are going up on everyone immediately. if washington can't come to a deal on the fiscal cliff. >> you have less money in a difficult economy with little clarity. >> the economy will go down sharply. >> look at the number from the tax policy center. this is the average tax hit the families take on top of what they pay on taxes. those make between $40,000 and $50,000 pay extra $1700. >> if you manage to make over $200,000, it will be a big jump up. you will need to send a check to uncle sam for $14,000 initial dollars. $500,000 to $1 million pays $34,000 more. they want $215,000 on top of what you pay in taxes. >> the wealth manager says the money you have left won't go as far as businesses also deal with their own tax hikes. >> you are going to see less money in your paycheck. >> the government ha
it really is up to the government to do better and to resolve this fiscal cliff. in terms of who the next fed chairman's going to be, we don't have a sense on that. we think bernanke has done a masterful job, and we really do like him in this position. >> david katz, thank you very much for your time. >> thanks a lot. >>> that wraps up this special boxing day edition of "worldwide exchange." i'm seema mody. >> i'm jackie deangelis. it was great to be here with you this morning. don't forget to tune in to cnbc.com every tuesday and thursday at 1:00 p.m. eastern for my show, "futures now." "squawk box" is up next. >> have a great morning. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage.
. >>> president obama is cutting short his christmas break with next week's fiscal cliff looming large. he plans to return to washington tonight after spending the holiday in hawaii. kristen welker is traveling with the president. good morning to you. >> reporter: savannah, good morning to you. the first lady and first daughters will remain here and continue their hawaiian holiday. the president and first lady spent part of their christmas visiting with troops stationed here in hawaii, thanking them for their service before they sat down and enjoyed a tradit n traditional christmas dinner. the night before president obama called service members stationed overse overseas. when president obama returns to d.c., he and lawmakers will have just days to avert the so-called fiscal cliff. here is where everything stands. last week house speaker john boehner failed to get his own bill through the house. so now things are in the s senate's court. leaders there will have to come up with a compromise to avert the tax hikes and spending cuts set to go into effect during the first of the year. president obam
the fiscal cliff, someone else on wall street says the cliff will not be a doomsday event. we'll get them to make their case coming up. >> and also later on. facebook making an about face on using user photos for advertising. >> and winter storm euclid is pummeling the east coast. the latest storm and storm track coming up in the next hour of the program. you're watching cnbc, first in business worldwide. plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. you won't take our future. aids affects us all. even babies. chevron is working to stop mother-to-child transmission. our employees and their families are part of the fight. and we're winning. at chevron nigeria, we haven't had a reported case in 12 years. aids is strong. aids is strong. but we are stronger. and aids... ♪ aids is going to lose. aids is going to lo
agree to it but it's all tied up in the fiscal cliff mess. tax filing season starts next week but the irs would put a hold on that for some. officials would wait for a deal in the new year instead of doing serious reprogramming to their tax system. filing would then be pushed back to march for millions. with refunds coming much later than usual. especially for those who plan on paying off credit card bills that often pile up after the holidays. now all of this could be avoided a deal before the deadline monday night but some long time lawmakers fear it won't happen, more on that when i see you next. live in washington. >> oil prices started edging up arch the president announced he would return from vacation early so he could work on fiscal cliff negotiations. crude oil sells for almost $91 a barrel up nearly two dollars a barrel. it's expected to increase as hope rises that a budget deal can be reached before the deadline and that could keep the economy growing while no agreement may put the united states back into recession. >> several states are under blizzard warning thi
debacle next. tracy: washington cannot agree on a plan for the fiscal cliff. we go to the nation's capital after break. let's take a look at how the dollar is faring against foreign currencies as we head to break. ♪ with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity option.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. lori: the senate returns to washington tomorrow. with just five days to address the dreaded fiscal cliff. peter barnes is live in d.c. with the very latest. peter: everyone looking to leader harry reid and the president for plan c. they were discussing next steps to advert the cliff before the holiday on monday. no update today from the white house. a spokesperson for senator reid is saying "nothing to report. no conversa
the fiscal cliff, is there any chance washington will settle on a deal? my next guest says deal or no deal, the stocks will be stuck in neutral for the next two years. oh, dear. joining us, chief investment officer of security for lou. joining us by phone. two years we will be bumbling along. whether we hit a deal or not. what makes you say that? >> it is about several things. global growth slowing, debt levels and developed economies are high. starting the next area in the government sectors. tax rates are going up, so when you combine those things together, to makes for potential recessionary conditions. we have had markets bubbling across the world in the last three and a half years, time to take a breather in my opinion. ashley: you see us and they won't get past the september highs. you truly believe that? >> i do. you go back to what the market will do, the recessionary conditions for the present and the market tends to go down, not up. we look at the recession going into one, around nine months on average, the market tends to decline over 15 to 18 months which tells me september and
to be unsatisfactory from other perspectives. but remember this, the fiscal cliff is a made-for-tv drama. the debt limit is real. gerri: yes, it is real. tomorrow the gop members will have a conference call about what to do next. what do you think you can accomplish? speaker boehner is probably stuck in ohio because the weather is so bad. a lot of yourself, who may not be able to get back to washington. >> that's right, i have a 6:00 o'clock flight booked every for the next several days, and it's just a matter what happens with this storm that came through here on christmas day. what it is doing in washington dc tomorrow. gerri: what you think will be accomplished in a conference call tomorrow? >> honestly, i do not know. this was a surprise that we got. but we knew we were going to be given 48 hours notice to come back to the capital. so i suspect that's a conference call is. gerri: you guys should stay until the problem is solved. there's nothing wrong with working weekends, my friend. it's always great to have you on the show. you are always so patient with my questions. thank you so much, cong
for christmas. first, i want to ask you about the fiscal cliff and what's happening in the next couple of days. first, do you think it's possible we'll get anything other than a band-aid between now and six days from now when the triggers kick in? >> i'm very optimistic if all of us pull our weight and do some serious conversations we'll have a bipartisan solution, because nobody wants to go over this fiscal cliff. it will damage our economy. it will hurt every taxpayer, the largest tax increase in history. it will affect everybody, and anyone who is watching who thinks, oh this isn't going to impact me, you will fin out d o will, and we know the problem is a lot of spending. not that we're not taxing people more, we're just spending too much. we hope that the president understands that as for as republicans are concerned, we're willing to negotiate and have a civil conversation, but also he's got to bring in some spending cuts and tax reform, because americans want tax reform and we don't want to hurt the economy, and, look there, are not enough millionaires in the united states to tax them a
hawaiian vacation short to get back to fiscal cliff talks in washington. the country is a week away from tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid. >>> it's a scary statistic for recent college graduates. the number of young californians with degrees working in restaurants or retail has nearly doubled over the last five years. grace lee tells us these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau there are about 260,000 young adults with college degrees in california taking work in food service and retail because they can't get anything else. >> pretty sad now. >> reporter: roary graduated with a computer science degree. >> i graduated with my bachelors in 2009 and my first job was at a retail store. at first it was kind of embarrassing. >> i couldn't get a job in the field i want
is cutting his hawaiian vacation short to get back to fiscal cliff talks in washington. the country is a week away from the tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid who is crafting a package on his own. it would extend the bush era tax cuts for households making less than $250,000 a year including the short-term spending cuts. >>> and it is a scary statistic for the recent college graduates. the number of young californians with the degrees working in restaurants or the retail, they have nearly doubled over the last five years. cbs 5 reporter tells us that these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season, or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau, there are about 260,000 young adults with college degrees in california, taking work and food service in retail because they can't get anything else. >> it's pretty sad now, yeah
into effect. >>> starbucks is trying to do what it can to urge a "fiscal cliff" compromise. the coffee chain is asking employees at its cafes in the d.c. area to write the words "come together" on cups for the next two days. starbucks plans to continue the effort on social media. >>> encouraging signs in the housing market. home prices rose in most major cities in october up more than 4% from a year earlier and october was the fifth straight month of year-over-year gains. taking a look at the big board now, you can see that stocks are down today in a light trading session. you can see the dow is down about 9 points. >>> a bay area family and the season of giving. how the kindness of strangers helped save a family's injured dog. ,,,,,,,,,,,,,, donors for saving their dog. c-b-s-5 reporter christin ay >>> a you can bay area couple is thanking -- a young bay area couple is thanking anonymous donors for saving their dog. christin ayers shows us how strangers saved the dog and the family's christmas. >> come on, babe. >> reporter: it was two weeks to christmas when nick and lindsey anderson real
the fiscal cliff because that stuff happens automatically but the idea of a debt ceiling increase, they've told obama if you want a trillion dollars in higher debt and he needs that eight times in the next decade, you have to cut spending a trillion dollars. >> here, i'll ask you again. 0 i'm a republican congressman and i signed your tax pledge to not raise taxes. if someone says here's a bill that says if you sign this we will cut taxes for 98% of americans. how could you say no? my point is, the administration is winning the war of optics. if they played it out this way, do they not win? >> well, they've won the war of optics so far because everything's been done in camera. it's been done inside closed walls. if c-span and fox and -- were able to videotape the negotiations, the kind of thing we're learning now about how obama said i have no interesting in cutting spending, he's been lying for two months about his negotiationing position in the room. if people knew that, there would be serious unhappiness in his lack of seriousness with cutting spending. if the negotiations were here
the fiscal cliff. former new york state insurance superintendent will join us next. >>> welcome back to "squawk box." futures, we have green arrows. s&p 500 a little over two points. and that is days before the u.s. crosses the fiscal cliff. joining us now on set, eric dinallo e, the former new york state insurance superintendent. you have lots of deficit perspectives on this, perhaps from the insurance sort of angle. you were saying during the commercial break, you have a political view on this as well. >> i'm now convinced, this is very very cynical. it's easier for politicians who signed up on that pledge, they can go to their voters and say i didn't vote for a tax increase, i voted for a tax increase. if they go in over the cliff, it comes in automatically. >> the public is that dumb in 2014 people running campaign commercials? >> the headlines are simple, did not vote for a tax hike, tax increase and people couldn't get their house in order and that's the story and how simple sometimes politics are what you can say with a straight face versus not. >> you were here three or four
in and talk about the fiscal cliff and their plans for the next year. we will continue with the forecast of the coming years housing market with lawrence yun, followed by more discussion of the fiscal cliff negotiations as congress returns to washington. we are joined by steve forbes. later, a discussion on background checks, how they work, who gets them, and when they are required. our guest is matt denn it. washington journal live at 7:00 a.m. eastern on c-span. >> i just enjoy that it is straight forward, comprehensive, and you can really sense what is happening without a pundit interjecting, and that is what i really appreciate about c-span. it is definitely a great resource for anyone looking to become more familiar with how government works and the ins and outs of capitol hill. >> c-span, created by america's cable companies in 1979. brought to you as a public service by your television provider. >> now, state and defense department officials testified at a hearing on violence in the eastern congo. a rebel group of congolese army defectors has been terrorizing people. the congolese
. eric has the latest on the fiscal cliff standoff. how is starbucks trying to help lawmakers come together? you can do better. next on "the five." ♪ ♪ [ male announcer ] this december, remember -- you can stay in and share something... or you can get out there and actually share something. ♪ the lexus december to remember sales event is on. this is the pursuit of perfection. by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. by showing you the apartment building where the fire was. when things like this happen, i think you find a new perspective on life. red cross put us in a hotel so we were able to stay together. we're strong and if we overcame that or if we can overcome that... we can overcome anything. [ sniffles ] ♪ ♪ ♪ >> eric: welcome back, everybody. are you like me still scratching your head over why speaker boehner asked the caucus to vote for raising taxes and promising them that the senate wouldn't bother sign
as president. host: if what happens next? caller: what happens next as we go over the fiscal cliff, social security and everything is going to be cut. they are going to raise and put more people on welfare, food stamps because the country is not going to have jobs come back, no way. the taxes are too high. there try to tax the people too much. they keep saying the rich paying their fair share, the bridge for the only people who pay taxes. the sec, they pay state taxes and this tax, they sure do. but they get a refund of their income tax credits to pay the taxes. they do not pay any taxes. host: here is a tweet from thomas hnderson. matt coleman writes-- if you look at the money section of "usa today," you will find a piece that says -- we have baytown, texas with a democratic caller. what is your level of optimism these days? caller: imc in that -- it makes me doubt about going over the cliff. i was wondering why the congress does not want to work with the president to pass this thing? host: what are your thoughts? caller: i believe they're going to make a deal. i have been watching the ne
to go. ty? over to you. >>> in our next hour, more nonsense. have you heard about the fiscal cliff? we go deeper into another cliff that's more of a threat to our economy. it is the container cliff. >>> i own maria's italian kitchen. we employ 400 people. the fiscal cliff is going to impact our business, who knows how much we can spend to increase our business and expansion may not be possible. the customers are so uncertain as to how they will spend their money that eating out may be considered a luxury. it really hinders our expansion possibilities. this is not a partisan issue. this is an american issue. the american people have been on a roller coaster for the past four years. it's time for them to get on stable ground. [ male announcer ] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day
. >> reporter: at stake, $154 billion in federal farm aid and isop insurance, sidelined by the fiscal cliff stalemate. benefits from the farm bill also guarantee rice farmer l.g. ronn that his costs are covered when crops are bad or demand drops. you'd be out of it if there was no subsidies? >> i will be looking for another job, absolutely. >> reporter: you just can't make enough money to make a go of it? >> those risks are too great. i could lose it all. if the market... if i plant rice and the market price is $12, and the next four months, it goes down to $6, i've lost a million dollars during that time period. i can't sustain that. e m broke in one year. r. reporter: the farm bill impacts much more than rural america. 80% of the bill's $1 trillion in spending covers food stamps, school lunches, forest conservation, and renewable fuels. >> we're sitting right here in limbo waiting on our lame duck congress to see if actually they will take up and reauthorize the new farm bill. >> reporter: he needs answers soon. the planting season is weeks anna. anna warner, cbs news, eagle lake, texas.
aid and crop insurance sidelined by the fiscal cliff stalemate. benefits from the farm bill also guarantee rice farmer l.g. ron that his costs are covered when crops are bad or demand drops. >> so you would be out of it if there was no subsidy? >> i will be looking for another job. absolutely. >> because you just can't make enough money to make a go of it? >> those risks are too great. i could lose it all. if the market -- if i plant rice and the market price is $12 and the next four months it goes down to $6, i lost $1 million in that time period. i can't sustain that. i'm broke in one year. >> reporter: the paramilitary bill impacts much more than rural america. 80% of the bill's $1 trillion in spending covers food stamps, school lunches, forest conservation, and renewable fuel. >> we're sitting right here in limbo waiting on our lame-duck congress to see if actually they will take up and reauthorize a new farm bill. >> he needs answers soon. the planting season is just weeks away. anna westerner, cbs news, eagle lake, texas. >>> coming up after your local news on cbs this morn
is back with us. what are the stories? some work might start on the fiscal cliff? one can only hope the president comes back. we are assuming the house and the senate will be milling about. you will know this better than i. then the other story we might be talking about is whoever governor neal abercrombie of hawaii might select to fill the senate seat to be selected by daniel inouye. >> there is a rush ta to that so the senator can participate in the fiscal cliff votes. that could be an important vote. >> it will definitely be an important vote. the reason i brought it up is twitter being what it is, representative-elect told them, just got elected, 32-year-old combat veteran what has not taken her seat yet got an endorsement from cal penn to be the person selected to take senator inouye's seat. >> she can be an answer to a trivia question. who is a representative-elect and never served a day in office and became senator. that's incredible. some day. jonathan, thank you so much. we appreciate that. that does it for this edition of andr"andrea mitchell reports." my colleague has a l
markets next. we will see if there is a new word there about the fiscal cliff. we found some more winners on the nasdaq. ♪ with fidelity's new options platform, we've completely integrated evy step of the process, making it easier to try filters and strategies... to get a list of equity option.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. dagen: japan's new prime minister vowing to tighten ties with the u.s. as he works to revive the economy. some worry he will pay little attention to funds needed for growth. how does that sound familiar. the japanese market light to the news. the nikkei trading higher today. let's take a look at the ten year treasury. a gauge of how much work the federal reserve is doing by those very treasuries. it is down a little bit today. four more on that, let's bring in chris aarons from ubs. fiscal cliff, what happens to i
remain before our country goes over the fiscal cliff. here is more from our washington d.c. newsroom. >> reporter: brian is congress does not act taxes will go up on all americans next tuesday. they are scheduled to get back to work for tomorrow morning which is when president barack obama's flight returns from hawaii but many are pest mystic he will reach -- pessimist particular they will reach the deadline. it is the republican controlled householding out. house speaker john boehner wants increase for those making only 1 million a year. they say it's more likely we will go over the cliff than not. >> if we allow that to happen it will be the most colossal consequential act of congressional you are responsibility in a long time. >> reporter: some republicans are saying president barack obama will actually get his way if a fiscal cliff is not reached before the deadline, kyle la campbell, washington d.c. newsroom. >>> and in general delegations are not as crowded as the first ones. as many as 800,000 are expected to be there for the president's 21st inauguration and that's less than
that fiscal cliff, will there be a deal? also tonight, an abc news exclusive. barbara walters at the white house. asking michelle obama if she'll run for office next. and a personal question, too. >> how do you keep the fire going? >> hmm. that's a good question. >>> made in america. the great christmas challenge. >> i know, i know your show. >> she knew, and so did thousands of others. tonight, the big reveal. the videos you sent in, the made in america gifts you put under the tree. and the ones that didn't fit. >> merry christmas, david! >> how you're creating joy and jobs this christmas. >>> and caught on tape. the adorable pet dog stolen, about to be sold. you won't believe what happened next and what we witnessed today. >>> good evening on this wednesday night. and we hope you had a merry christmas. diane has a few more nights with her family, and what a night to stay indoors. across much of this country tonight, a massive winter storm and already, the ripple effect being felt coast to coast. the monster storm system stretching from indiana to maine, all the way to north carolina. mor
the fiscal cliff? >>> a dangerous winter storm roaring across the eastern half of the u.s. bringing blizzard conditions and travel nightmares. plus, the nra's controversial proposal to put armed volunteers in every school, we'll go in-depth with the man in charge of the national school shield program. i'm joe johns. you're in "the situation room." the u.s. is now just six days away from the so-called fiscal cliff. and a mad scramble is on here in washington to avoid the drastic tax hikes and spending cuts that many fear will plunge the economy back into recession. president obama flies back from hawaii tonight to be ready if the senate comes back with a plan when it returns to work tomorrow. and house leaders are huddling with members on stand-by to return. senior congressional correspondent dana bash is following all of it for us. what are you hearing? >> there was a conference call of course members of the house leadership even, they're back in their districts, but there was a conference call today among those house republican leaders trying to figure out if and when the house should come
to studentcam.org. >> next, kent conrad talks about fiscal cliff negotiations and proposals for a long term deficit reduction. he will be retiring this year after serving in the u.s. senate since 1987. this is about an hour. >> good morning. good to see you all. another day of fiscal cliff or fiscal curve, whatever one wants to term it. what we do know is the law is about to change, all the tax cuts from the bush era are about to expire. across the board spending cuts, some $1.2 trillion over the next ten years. so these are significant changes in law about to occur absent action by the congress and by the president. first of all, thank you, bob for that kind introduction. thanks for being so persist nt. i'm glad to have the chance now to come. in reflecting for my fair well address in the senate, i thought back to what motivated me to run for the united states senate. about 48 years ago i came to washington as a 16-year-old, sat in the gallery and watched a debate occur on civil rights. and i thought at the time some day i'd like to do that. i'd like to represent my state and i'd like to d
to give to. are people looking at the fiscal cliff and saying "i don't know"? >> absolutely. people are uncertain as to whether there's going to be a charitable deduction next year, things like the estate tax will change. so it's a rocky time. so some people are giving more and deciding "i'm going to get the tax break now and do it while it's a good thing for sure" and some people are putting off the decision deciding they isle give more later. so we're seeing a mixed bag but it's a tough time because this is the time of year when most people are doing a lot of charitable giving. >> ifill: let me get your name right this time, jackie, and ask you about federal employees. they are affected by this. there are furloughs, cutbacks, tell me what people are thinking. >> well, federal employees are in the uniquely bad position of facing peril regardless of whether there's a deal. or whether sequestration and the fiscal cliff occurs. >> ifill: the across-the-board cuts. why does it work that way? >> in the event no deal is made and we do have the automatic cuts known as sequestration starti
. >> mohammed jamjoom, thank you for that. >>> fears of the fiscal cliff are taking some of the holiday cheer out of wall street. cnn's alison kosik is watching the post christmas trading. she joins us next. >>> retailers were hoping shoppers will spend big today. early figures show holiday sales slum slumped to the lowest levels in three years. alison kosik, every time i drive by the mall, the parking lot was full. every time i went in one, there were people everywhere. what is behind the weak sales this year and can post christmas shoppers really turn things around now? >> you make good points, victor. analysts are telling us there are two big factors at work here. hurricane sandy, hit holiday shopping right when it was beginning to rev up in early november. then the worries about the fiscal cliff they took over everybody's pocketbooks. people are really worried their taxes going up. so what do you get? you get holiday sales not doing too hot. holiday sales are up a little less than 1%, winds up being the weakest growth in three years. it is still early. these numbers are still rolling in.
with the fiscal cliff deadline. he isn't the only one. there is new developments coming in right now and we'll have them for you next. [ boy ] there i was. another holiday stuck at the kids table again. then it happened. every boy's dream. i got called up to the big leagues. i was finally a man... on my way to shaving, driving and staying up past midnight. [ whoosh ] [ whoosh ] [ whoosh ] being an adult is overrated. [ male announcer ] holidays aren't the same without the real cream of reddi-wip. the sound of reddi-wip [ whoosh ] is the sound of joy. [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. it's our top story on this fox trip across america. >> texas. the san san antonio homeowner says his house shook and then boom. a neighbor says his kids were playing nearby just before the cessna came down. >> it went wing up right through the fence right there into the trees, through the tr
rolling on averting the fiscal cliff. in a letter to star birks employees made public this morning, chief executive howard s \cc chultz next employees that is approximately 120 d.c. area stores to write come together on coffee cups on serving customers tomorrow and friday. starbucks plans to buy as in washington post and the new york times later in the week as part of its come together campaign. >> rumors that a second generation ipad mini with eight right now display is set to lions ahead of apple's typical annual schedule that share have been swirling. now it appears that apple's full- size ipad may be sticking to its new semi and release schedule. new reports suggest that apple's plans to launch a new standard, lauder 9.7 in. ipad as soon as march 2013. the fourth ipad model was just released last month along side the ipad mini, but march was also suggested in recent red ipad mini remorse. >> we will be right back. heavy snowfall in the sierra is causing dangerous conditions for skiers. in the past three days, two people have died and two others have been injured after being called in
-duck session of congress. they will avoid the fiscal cliff, and they'll do it in a way that will produce a budget agreement either in this lame-duck session or in the first couple of months of next year. that's what i think will happen. >> there's the part of the conversation every year that drives mika crazy when i talk about how we all, in the 1990s, worked together despite some pretty tough differences. >> we didn't in 1995. we had a pretty rough '95. >> '95 was an ugly year. there were a couple of other ugly years. >> but the other ugly years we already had a modus operandi of working together. if you look at what was accomplished in '98, '99 and 2000, they were good years. the only desert year was 1999. >> i faulk specifically about 1999 because people will poke at me when i talk about how you and the republican congress worked together. i say no, you should look at 1999 because even in the worst of times, the president's people were talking to leaders of congress. >> every day. >> and somehow even in the worst of times, even in a constitutional crisis, government worked. people put
. david: here it is. the highlight reel. we believe the president does want to go over the fiscal cliff. >> boehner will be in the situation, do i get democratic votes. >> this is about the little guy on the street said that the republican people are losing. the american people are losing even more. david: are we going to go into a recession if we go off the cliff? you think we will be back i am not so sure about it. if you will cut spending, that is the issue. would we go into recession if we go over the cliff and they do not restore the spending cuts?
? kelly: the next few days are indeed critical in the fight for the so-called fiscal cliff but as the president cuts short his vacation and the senate returns tomorrow we'll look whether democratic leader harry reid will have a plan c ready to go and rumors after $400 billion price tag. >> big chunk of change. we're eyeing a massive winter storms that spawned at least last night this deadly tornado. as it moves north, that storm we'll look at the danger it poses for many americans especially if you're trying to travel anywhere today. folks there living through rare holiday twisters react to a christmas day storm they say they will never forget. >> i've never seen one in real life. just to be able to hear one from that far away, it is about a mile from where we are and you could still hear it. it was, it was pretty amazing. [ mother ] you can't leave the table till you finish your vegetables. [ clock ticking ] [ male announcer ] there's a better way... v8 v-fusion. vegetable nutrition they need, fruit taste they love. could've had a v8. or...try kids boxes! kelly: "fox busin
of snow wind gusts up to 40 miles per hour and a huge travel headache for the next two days, at least. >> especially at this time of year. thank you so much. we turn now to political turbulence, and the fiscal cliff gets closer. congress now has six days to make a deal. they'll be back on capitol hill tomorrow, and chip reid is in washington. >> president obama will be arriving in washington tomorrow and both houses of congress will be back in session tomorrow. that will give them just five days to put together a deal to avoid the massive automatic tax hikes and spending cuts known as the fiscal cliff. >> president obama spent christmas day visiting with troops in hawaii. >> while back in washington uncertainty about the looming fiscal cliff continues. there has been to communication between republicans and democrats about how to avoid going over the cliff. before the christmas break, speaker john boehner was unable to get enough support from respects to pass his plan and help said it was up to the white house and the senate to avert the cliff. so now harry reid i
number of lawmakers saying they are skeptical that a deal can be reached in five days to avoid the fiscal cliff, especially with the main sticking point coming down to whether to increase taxes for top earners next year among many other things. byron york, now, of "the washington examiner" joins us to talk about this. good morning, byron. >> good morning, patti ann. patti ann: so we're going to show a full scream of what would happen if -- full screen of what would happen if we go off that fiscal cliff. but you got democrats, including congressman john yarmouth of kentucky, saying, look, we may go off that cliff on january 1st, but we would creak it very quickly -- correct it very quickly thereafter, so do you believe that's the democratic plan? enter yes, and it's a republican nightmare. republicans have been reached no deal's reached, barack obama and democrats immediately propose to relower the tax rates to bush levels for all but the top 2%, and republicans find themselves opposing it on behalf of their millionaire friends will be the democratic charge. so that's kind of a nightmare s
whammy, sandy, newtown shootings, fiscal cliff, all these things can combine to depress shoppers' appetite to spend at this point. >> we'll talk a lot more over the next couple of hours where the discounts really came. there's a lot of talk about walmart and gap, and macy's and target. and then what that's going to meet as they try to clear out all this inventory, really starting today, going into the first part of the new year. those things have to get off the shelves. and that's going to affect margins one way or the other. >> let's bring in jackie deangelo, crunching the numbers back at headquarters. >> i'm going to recap what you said a little bit earlier. according to mastercard's spending poll, the few weeks leading up to christmas rose only .7%. a pretty big miss there. to give you perspective, after a drop of 5.5% in 2008, holiday sales have seen a steady rebound since then, including a 2% increase last year. this less than 1% figure, bound to be disappointing. online shopping also showed some muted results. spending polls show web sales were up 8.4% from last year, but t
with us all week, tackling the fiscal cliff effect on your pocketbook. tomorrow ryan's take on what could be a ballooning tax bill for us. >>> chris brown and rihanna keeping people guessing about the next step in their lives. >>> war has started. and we are hopelessly outgunned. >> oh, i love that movie. we are going back to the movies big time. "usa today" reports box office ticket sales are heading toward an all-time high, breaking 2009's record. hollywood's take has been boosted by some blockbusters including "the avengers." according to boxofficemojo.com "the avengers" took in more than $623 million over a five-month period. woo! tom cruise is big at the box office but he made it into the year's top entertainment stories for something he did off screen and you probably know what that is. here's nischell turner with our rundown. >> reporter: catchy dance tunes, celebrity tunes and the tragic death of a singing icon, a few of the topics that had people talking. here's the look at the top ten stories from 2012. ♪ call me maybe >> reporter: the viral sensation "call me maybe" it earned
vacation short and heading back to washington before we fall off of the fiscal cliff . can a deal be reached. >> a deadly winter storm unleashing snow and tornados . now thousands ever cleaning up and holiday travelers are stuck. i am tracking where the storm ised hading next. >> thank you, rick. take the gift card and hit the stores this morning. wait until "fox and friends" is over and then leave. "fox and friends" begins right now. "fox and friends". >> gretchen: good morning, i am gretchen carlson we are joined by clayton morris . rick as well . these are great guys, but clayton, because he is a tech guru of folks news and here to help all of us today. >> tech support this morning f. you have tech-related questions. send them and i will attempt to answer them all. i answered all of them. my wife said what are you doing on twitter? i said i am helping me. >> gretchen: we have big storms brewing and rick, you are aptly sitting to the right of me and you will help people get out of town. >> 30 tornados and a big one in mobile, alabama and more tornados and a blizzard. i will try
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